Pacific Sunwear Shares Jump After Director Buys Its Stock
Pacific Sunwear of California Inc., a retail chain that sells West Coast-inspired apparel, jumped the most in three weeks after a director bought 30,000 shares in the company.
The Anaheim, California-based company rose 10 percent to $1.60 at the close in New York, for its biggest gain since June 5.
Board member Brett Brewer purchased shares in the company from June 22 to June 25 at prices ranging from $1.45 to $1.56 a share, the company said today in a filing with the Securities and Exchange Commission.
Pacific Sunwear, whose competitors include Zumiez Inc. (ZUMZ) and Tilly’s Inc., posted a $15.6 million loss in the first quarter ended April 28, compared with a $31.5 million loss a year earlier. The company is closing stores as it seeks to raise the performance of individual outlets and will have about 620 to 630 shops at the end of this fiscal year, Chief Executive Officer Gary Schoenfeld told a Piper Jaffray conference on June 6.
The company operated 930 stores when Schoenfeld joined the company three years ago, he said.
Schoenfeld purchased 150,001 of the company’s shares from May 29 to May 30, at prices ranging from $1.45 to $1.47 a share, according to a filing the company made with the SEC on May 31. George Mrkonic Jr., a director, purchased 100,000 shares at $1.48 each on May 29, the company said in filing dated May 30.
Today’s rise in the shares pare their decline this year to 6.4 percent.
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